Pattern Energy Group (NASDAQ:PEGI) Downgraded by Raymond James to “Market Perform”

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Raymond James lowered shares of Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) from an outperform rating to a market perform rating in a research note issued to investors on Tuesday morning, The Fly reports.

A number of other equities research analysts have also weighed in on the company. Royal Bank of Canada restated a buy rating and set a $24.00 price objective on shares of Pattern Energy Group in a research note on Thursday, August 8th. Bank of America raised their price objective on Pattern Energy Group from $23.00 to $23.50 and gave the company a neutral rating in a research note on Tuesday. Finally, TheStreet lowered Pattern Energy Group from a b- rating to a c rating in a research note on Tuesday, May 14th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Pattern Energy Group has a consensus rating of Hold and a consensus price target of $23.36.

PEGI stock opened at $25.81 on Tuesday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 1.08. Pattern Energy Group has a 1 year low of $17.23 and a 1 year high of $26.07. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 17.80 and a beta of 1.05. The company has a 50-day moving average of $23.33.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its earnings results on Tuesday, August 6th. The utilities provider reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.11). Pattern Energy Group had a negative net margin of 12.36% and a negative return on equity of 3.00%. The company had revenue of $135.00 million during the quarter, compared to analyst estimates of $137.90 million. During the same quarter last year, the business posted $0.34 EPS. Pattern Energy Group’s quarterly revenue was down .7% compared to the same quarter last year. As a group, research analysts expect that Pattern Energy Group will post -0.15 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be paid a dividend of $0.422 per share. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $1.69 dividend on an annualized basis and a yield of 6.54%. Pattern Energy Group’s dividend payout ratio (DPR) is presently 116.55%.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its stake in Pattern Energy Group by 6.1% during the 2nd quarter. BlackRock Inc. now owns 7,208,754 shares of the utilities provider’s stock valued at $166,451,000 after purchasing an additional 414,175 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Pattern Energy Group by 4.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,026,095 shares of the utilities provider’s stock worth $37,725,000 after acquiring an additional 83,674 shares in the last quarter. Intact Investment Management Inc. grew its position in shares of Pattern Energy Group by 36.1% in the 1st quarter. Intact Investment Management Inc. now owns 1,739,904 shares of the utilities provider’s stock worth $50,701,000 after acquiring an additional 461,400 shares in the last quarter. Northern Trust Corp grew its position in shares of Pattern Energy Group by 2.2% in the 2nd quarter. Northern Trust Corp now owns 1,547,288 shares of the utilities provider’s stock worth $35,727,000 after acquiring an additional 33,513 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Pattern Energy Group by 24.8% in the 4th quarter. Geode Capital Management LLC now owns 1,152,398 shares of the utilities provider’s stock worth $21,457,000 after acquiring an additional 229,260 shares in the last quarter. Hedge funds and other institutional investors own 81.61% of the company’s stock.

About Pattern Energy Group

Pattern Energy Group Inc operates as an integrated renewable energy company. The company operates in two segments, Operating Business and Development Business. The Operating Business segment holds interest in 24 renewable energy projects with an operating capacity that totals approximately 4 gigawatts located in the United States, Canada, and Japan.

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